A personal loan is a purely unsecured short-term cash loan, which means that the individual customer does not have to provide the bank with any collateral (e.g. real estate, jewelry) or collateral for the personal loan.
Formally, we prefer a personal loan for any urgent cash need. It can be used for general purposes such as education, rebuilding/home renovation, wedding expenses, vacations, etc.
Most financial companies or other banks offer personal loans i.e. Loans up to Rs. 40 lacs for employees. Usually, it can be paid in a period of 12 months to 60 months. Also, some banks provide additional financing. Let us see who is good at maid loan Singapore?
The personal loan interest rate depends on factors such as the monthly income, the client’s employment history, residency history, and previous financial credit history. Then you are eligible for a personal loan. Generally, the monthly rate (EMI) on your loan to around 60%-70% of your net monthly income.
However, a customer cannot take out a personal loan for any type of bad investment or expense, the interest is charged in a variety of ways (e.g. monthly discount rate, flat rate). It gives you no real idea of which personal loan offer isbest for you. You need to check the EMI. When comparing loan offers, the processing fee should also be taken into account.
Following are some conditions, when you can’t apply for a loan:
- Temp worker, domestic worker,
- If you only earn a commission
- If you have the following bank accounts: Mzansi, Money Builder, Student, Sum 1, and any other account which cannot be debited.
- If you cannot afford to take on more debt.
Following are some key points, you should follow this:
• If you are in urgent need of a personal loan, simply compare the average time. It takes banks to pay off a personal loan.
• Each bank’s application process is different. So,you have to compare the customer satisfaction rates of each bank and choose the best one for you.
Following are some required documentsfor employees to take a loan:
1. A valid identity proof
2. Bank statements from the last 6 months
3.Last proof of residence
4.Payslip from the last 3 months
5.If guarantors,thenthe same documents are required
Self-employedclients,then they required by following documents:
1.They required three years ITR if more than 5 years in the same business
2.Audit Report and Balance Sheets
3.Profit and Loss Account,
4. If a company is Pvt. Ltd then MOA
5.Purchase Act / Company Deeds and other mandatory documents etc.
6.Individual/Company KYC
7.Six Month Bank Statement
There are approximately 246,000 domestic workers in Singapore with a migration background (MDW). This means that around one in five households in Singapore employs a maid to helpwith general housework, cooking, and caring for the elderly and young children. or family members with disabilities.
If you don’tknow about hiring a maid in Singapore,then you have to pay goes beyondthe salary.
Conclusion
So, we have discussed the factors and points that you should consider when choosing the right maid loan.